3 Reasons to Buy Vertex Pharmaceuticals Stock Right Now
Vertex Pharmaceuticals (NASDAQ: VRTX), a biotech company that holds a monopoly in the market for drugs that treat cystic fibrosis (CF), reported strong first quarter results on April 29. During the quarter, Vertex recorded net revenue of $1.5 billion, representing a whopping 77% year-over-year increase.
Further, Vertex's net income based on generally accepted accounting principles (GAAP) was $603 million, a 124% increase compared to the prior-year quarter. Vertex's stock got a nice boost after its most recent quarterly update, and year to date, the company's shares are up by 22.8%. And even though the company is currently trading at about 33 times future earnings, there are good reasons to consider buying its shares. Here are three of those reasons.
Image Source: Getty Images.
Source Fool.com
